With its beaches, marinas, parks and other attractions, Cape Coral is a beautiful, temperate spot with something to offer everyone.
As a first-time homebuyer, you are eager to move into the perfect home and start building a life in Cape Coral or elsewhere in Florida.
But you probably have lots of questions about applying for your first home loan.
We’re here to answer those questions and walk you through the process, connecting you rapidly with the mortgage which is the right fit for your needs.
The Ideal Mortgage to Buy Your First Home in Florida
We offer a wide spectrum of loan products which are suitable for first time homebuyers in FL:
One of the top loan products we offer for first time homebuyers is FHA loans backed by the Federal Housing Administration. Relaxed qualification requirements, a down payment of just 3.5% and affordable mortgage rates all make FHA loans ideally suited to borrowers buying their first homes.
For active duty service members, veterans and eligible surviving spouses who have served our country, we proudly offer zero down VA loans insured by the Department of Veterans Affairs.
First-time homebuyers in search of an affordable, flexible loan might also want to check into the USDA rural housing loan program backed by the US Department of Agriculture. Like FHA and VA, USDA loans feature relaxed qualification requirements and low interest rates. You also may qualify for discounted mortgage insurance and zero down payment on your first home.
First-time homebuyers should not overlook the many advantages of conventional home loans in FL, including down payments as low as 3%.
Being in the market for your first home does not put you out of the market for a jumbo loan. To qualify for a loan above the conforming loan limits, you need a sufficient credit score, DTI ratio, employment history and cash reserves.
- ITIN Loans
If you are shopping for your first home as an undocumented immigrant and have no social security number, we let you purchase a home using your ITIN Card instead.
- Manufactured Housing Loans
Many first-time homebuyers today are shopping for manufactured homes, mobile homes, and modular homes. We make it easy to finance purchases of these types of properties with our manufactured housing loans.
How Island Coast Mortgage Makes the First-Time Home-Buying Process Easy
- Down payment assistance
Through our down payment assistance program, we can cover up to 4% of your down payment or closing costs.
- Local company, personal service
As a local mortgage company based in Cape Coral, we know Cape Coral and the surrounding market on a level which a nationwide big box lender never can. This positions us to help you quickly and affordably purchase your first home anywhere in FL.
- Flexibility for every scenario
Our many different lending products mean that along with a loan for every customer, there is also a loan process to suit every need. Whether you need a traditional full documentation loan or you need to apply with alternative paperwork, we can quickly approve you for a mortgage for your first home.
- Fast closing
We will discuss scheduling during your consultation to make sure we can meet your timeline. Because we have extensive experience with so many loan scenarios, we are confident we can help you close fast on your first home.
- Answers to your questions
There is no such thing as asking too many questions when you are shopping for your first home. We will make sure that by the time your consultation is complete, you have all the answers you need to take the next step in the home-buying process.